The Coalition on Good Governance and Accountability (CGGA) has called on President Bola Tinubu to sack the Minister of Finance, Wale Edun and the Accountant General of the Federation, Oluwatoyin Madein over poor funding of the capital components of the 2024 budget.
The group, in a statement signed by its chairman Dr. Anthony Apochi, said the non-release of funds has had a devastating impact on Nigerians.
Apochi lamented that it has led to a lack of investment in critical infrastructure, resulting in a decline in economic activity, and a rise in unemployment.
“The 2024 budget, signed into law by President Bola Ahmed Tinubu, earmarked a total sum of N9tn for capital expenditure, aimed at funding critical infrastructure projects, social programs, and economic development initiatives,” he said.
“This capital expenditure component is a vital part of the budget, designed to drive economic growth, create jobs, and improve the standard of living for Nigerians.
“The component includes allocations for key sectors such as transportation, education, healthcare, and agriculture, among others. These allocations are crucial for the implementation of projects and programs that will have a direct impact on the lives of Nigerians.
“However, it is alarming to note that only N1.84bn has been utilized so far, out of the N9tn earmarked for capital expenditure. This is a grossly inadequate amount, and it is unacceptable that the Minister of Finance and the Accountant General of the Federation have failed to ensure the timely release of funds for the implementation of the capital component of the budget.
“The non-release of funds for the capital component of the 2024 Budget has had a devastating impact on Nigerians. It has led to a lack of investment in critical infrastructure, resulting in a decline in economic activity, and a rise in unemployment. The lack of funding for social programs has also exacerbated poverty and hunger, leading to widespread starvation across the country.
“The failure to implement the capital component of the budget has also had a negative impact on the healthcare sector, leading to a lack of essential medical supplies, equipment, and personnel. This has resulted in a decline in healthcare services, putting the lives of millions of Nigerians at risk.
“Furthermore, the lack of funding for agricultural programs has led to a decline in food production, resulting in food scarcity and rising prices. This has had a disproportionate impact on the most vulnerable members of society, including the poor, women, and children.
“We query the Minister of Finance and the Accountant General of the Federation for their failure to ensure the timely release of funds for the implementation of the capital component of the budget. What is responsible for this gross incompetence? What measures have they put in place to address this crisis?
“We are disappointed over their lack of transparency and accountability in the management of the nation’s finances. Why have they failed to provide regular updates on the status of the budget implementation”
The group, therefore, passed a vote of no confidence on Edun and the AGF and asked them to tender their resignation to President Tinubu and return home.
“They have failed in their duties and have lost the confidence of the Nigerian people,” Apochi added.
“Their resignation is the only honourable thing to do, given the circumstances.
“We cannot continue to have individuals in charge of our nation’s finances who are incapable of managing them effectively. We demand that President Tinubu takes immediate action to address this crisis and ensure that the capital components of the budget are fully funded and implemented.”